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What happens to lost Bitcoins? Since the “ownership” of bitcoins is essentially tied to having knowledge of the private key for the address they are stored against, it’s very difficult to prove that nobody knows the private key.

However, it is possible to send bitcoins to an address with no private key, essentially destroying them.

There is no accepted definition of a lost bitcoin that customers are aware of, and it’s unlikely there will be one because of the difficulty in providing proof. The network doesn’t know whether the private key for some bitcoins have been lost. The value is based on market demand. From this perspective, bitcoins that aren’t currently offered for sale are the same as lost coins until they are offered up for sale, at which point the price is affected. Though individuals do have the capability to prove they own bitcoins without offering them for sale, they rarely do so, so you’ll probably never be able to find out much about which unspent bitcoins are still being quietly held and which are lost.

A “lost bitcoin” is any unspent BTC balance in an account for which the private key has been lost. Without the private key, that balance cannot be spent again. If you lose your wallet file, you are effectively losing all the private keys for the accounts (addresses) created by that wallet. It doesn’t mean that the balance cannot change, since the “lost” account can actually receive new funds (if funds are sent to its public address), but without the private key those funds will become equally inaccessible.

It’s impossible for the network to know when a private key was lost. A balance can remain unspent for a very long time, but it could be by the owner’s choice. So there is really no way to tell. No one can flag a wallet/account as lost, even the owner. This is because without the private key you cannot prove to be the owner anyway.

The Bitcoin price is simply a result of current demand/supply for it. You could say that the more lost coins, the less supply there is, so the prices will naturally rise, but that is simply a by-product of normal trading.

If you are running a litecoin restore wallet or Litecoin QT wallet on your computer, it’s highly recommended to backup litecoin wallet on monthly basis. Backup can come handy in case of hardware failure or corrupt hard-drive. Backing up wallet is very simple, all you need is to copy wallet.dat file to somewhere else. Your wallet.dat file contains your private key(s) as well the addresses that hold money (if any), if empty then it’s not much of a use.

How To Backup Litecoin Wallet

Note : first of all, make sure that your wallet is encrypted.

Step 1. Open your Litecoin wallet, make sure the client must have the blockchain fully synchronized.

Step 2. If your wallet.dat file is not encrypted anyone can easily steal all of your coins. We strongly recommend you to encrypt your Litecoin wallet as instructed above.

Step 3. Now close your client and locate your Litecoin wallet.dat

Step 4. Copy / Save your wallet.dat on external hard disk or wherever you want. It’s recommended to store your wallet on multiple locations. You can also add another layer of security by including another encryption layer to “wallet.dat” file using encryption tools like TrueCrypt. You can also use WinRar and set a strong password.

Restoring your wallet file

Restoring a wallet backup is totally opposite of backing up, just copy the wallet.dat file from your thumb drive to the same location mentioned in Step 3. Just follow these steps:

Shut down the Litecoin QT Wallet.

Copy your backed-up wallet.dat into your Litecoin data directory.

Relaunch QT wallet, it’ll automatically rescan the block chain and should leave you with all your coins.

To manage your Bitcoins address, you must launch the Ledger Wallet Bitcoin Chrome application. If you didn’t install it yet, this is the way to do it: in your Chrome browser, firstly install the application from the website.

To find your Bitcoin address (required to receive a payment),

Connect your Ledger device

Enter your PIN code

For Nano S and Blue only: Open the Bitcoin application on your device

Launch your Bitcoin Chrome application on your computer

Click on “Receive”, a popup opens

Copy the “Bitcoin address” which is displayed

Please note that your Ledger wallet generates a new address each time you want to receive a payment, thanks to the Hierarchical Deterministic (HD) support. Each address generated by your wallet is yours forever, you can use them several times or just once at your convenience, it won’t cause problems – even if it may be safer to use each address only once.

How to find lost bitcoins address? For best Bitcoin wallet or bitcoin account number call @ +1-855-785-2511 toll-free or visit @ www.bitcoinsupport.co .

Have you forgotten your Wallet Password? Bitcoin and Ethereum wallets are normally encrypted by the customer, the wallet owner. However, sometimes you forget or misplace your wallet password. This is a bad thing! Unless the password is recovered, you have no way to access any funds stored in that wallet. That money is lost forever. At today’s exchange rate, that might be a lot of money.

Hopefully, we can help our customers @ +1-855-785-2511 toll-free.

We have created a service that can take your wallet information, your best guess at your remembered password/passphrase, and attempt a brute force decryption of your wallet.

Impossible?

If you have no idea at your entire password, and it was more than a handful of characters long, then it is unlikely that we can help you. No-one in the world, including the NSA, CIA, D-Wave or anyone else can crack the encryption used in the Bitcoin or Ethereum wallet if the password is more than 15 fairly random characters. The wallet encryption is strong by design. There are no known flaws in the implementations, and many people have tried to break them!

However… do not despair… maybe your password wasn’t as secure as you thought, or maybe it was completely different from what you remember?

Possible!

If, however, you have a vague idea of your password, but can’t quite remember it… Then we can help you.

For instance

If you thought your password was probably TheIceMan123 but weren’t sure about what capitalization or suffix number you used, then we can help.

If you were sure that you wrote down the password when you chose it, but now it will not unlock the wallet when you type it in, then we can help.

If you were pretty sure that your password contained words from a sentence from The Return of the King, but you’ve forgotten which page, then we can help.

If you reckon that your password is some permutation (with some spaces or maybe capitals) of 6 of the words in the list “freed, hello, from, Butter, elephant if, unlikely, green, grep, gorilla, antelopes”, then we can help.

Decryption Service

We have created a highly optimized multi-threaded C++ program to perform the brute-force decryption. This service is designed right from the start to be a scalable solution – it runs on a cluster of high-performance Linux boxes, hosted on the Amazon EC2 cloud. This enables us to scale up to nearly any number of computing cores. We have tested this with up to 100 8-core computers, but more can be brought online if required.

Some of the wallet encryption formats are suitable for solving on GPU (video card) hardware. In these instances, we have hand-crafted highly optimized GPU software to provide huge speed advantages.

The algorithms used to generate the password permutations are proprietary but are designed to be flexible in order to handle unusual requirements. The encryption used by the Bitcoin-core wallets is much harder to break than most encryption schemes. A technique known as ‘key hardening’ is utilized so that it takes most home computers a full 0.1 seconds to check just one password for correctness. This is why an optimized, distributed, specialized program is required to attempt large numbers of brute force decryption attempts.

Wallets

We can decrypt both Bitcoin and lite-coin wallets, ethereal pre-sale and Mist/Geth/Eth wallets and most of the other altcoin wallets. (e.g. Dogecoin, Vertcoin, Peercoin, Mastercoin, Quark, Protoshares, Feathercoin, etc). We support brain wallets and BIP38 encoded wallets too.

Trust

Should you trust us with your wallet? Why won’t we just steal your money? Good questions. If you send us your wallet, and we decrypt the password, then it would be possible for us to steal the money that the wallet holds. (we won’t, but you can’t be sure of that).

Fortunately, the design of the bitcoin-core wallet is such that you can send us just part of the wallet information. The part you send us allows us to decrypt the wallet, without giving us any opportunity to steal your money. See various detailed explanations on the Bitcoin wallet design (google them). Refer to the wallets page for more detailed information. (Note that this applies to bitcoin-qt/Bitcoin/lite-coin/Dogecoin and most other alt-coin wallets but does not apply to blockchain.info or multi-bit or armory or electrum or BIP38 encoded wallets, nor the Ethereum wallets)

Payment

We would like to decrypt your wallet to recover your lost Bitcoin funds. We want to do this because it is fun, it helps you, and we see the possibility of a monetary reward for us. You can pay in Bitcoins, Ether or other alt-coins (of course), typically from the funds in the recovered wallet. Just send us the wallet details, and we’ll try our best to decrypt it. Generally, we ask for a fee of 20% of the value of the wallet, but this is payable ONLY if we succeed in decrypting your wallet and returning your funds to you. If you have a serious need for our services, visit @ www.bitcoinsupport.co and we’ll work something out.

What Next?

If you have forgotten or misplaced your password, send us your wallet (or a subset of your wallet details for bitcoin-core wallets), and your best guess of the remembered wallet password or passphrase. Refer to our contact details +1-855-785-2511 for more detailed information.

How to Find Lost Bitcoins | +1-855-785-2511 | Recover Bitcoin

Bitcoins are the most innovative and revolutionary discovery ever in the mankind’s history. It has become one of the most valuable currencies in digital form. Working based-on cryptographic protocol, which also makes it one of the most secure virtual currencies of the Internet.

Due to its huge popularity and market demands, Bitcoin is getting more and more adopted by the worldwide communities due to its open source technology, which can be easily be verified for any issue.

What Happens When Bitcoins are Lost?

Bitcoin is hard to earn. When someone loses his/ her Bitcoin wallet, it brings the effect of removing money out of the currency circulation. All those lost bitcoins still remain in the “blockchain” system just like any other bitcoins.

However, all lost bitcoins remain dormant forever because there is really no way for nobody to find the private key(s) which would allow them to be spent again in the future.

Due to the law of supply and demand, when fewer Bitcoins are available in circulation, the ones that were left will be in higher demand and thus increase in value to compensate.

Bitcoin cryptocurrency of the future should not be lost on anyone as it takes time and efforts to earn bitcoins and effectively maintain the present Bitcoin’s circulation.

If someone really loses their Bitcoin wallet, then it still remains in the system but can’t be spent by anyone without the private key created by the wallet owner.

So, the bitcoins should not be lost on anyone. What do you think about the Bitcoin technology and the future of money? Please let us know via comment.

If I lost my wallet words why can’t I recover my Bitcoin with just a backup?

Because if you could, anyone could. If your cloud-based backup leaked out of the cloud and onto a thief’s computer, the thief could steal all your Bitcoin.

To restore your wallet, and recover your Bitcoin, you must have your wallet words.

I’ve lost my wallet words but my wallet still works what should I do?

Sweep your Bitcoin to a new wallet immediately. Don’t delay. Here is the procedure:

Create a new wallet using the Create button on the Unlock screen

Make sure you write down your wallet words and date stamp as usual

Unlock the new wallet and wait for sync to finish

Create a new receiving address and copy it to the clipboard – you don’t need an amount. Note the first and last parts of the address.

Use Exit/Switch and select Switch to return to the Unlock screen

Unlock the old wallet and wait for sync to finish

Use Tools | Empty wallet to spend all your funds to the new wallet address (paste from clipboard and verify it is unchanged)

Do not delete your old wallet – others may still accidentally spend it and you’ll need to access it to sweep those funds

An alternative and more private approach to a single “Empty wallet” would be to split your overall balance over several smaller transactions made to different receiving addresses from the new wallet. This would help to disguise your balance and allow you to test the process with smaller spends. The final spend should use Tools | Empty wallet so that an optimal miner’s fee selection can be made and correctly zero your balance.

You can also use Manage wallet | Edit wallet to provide a note indicating that the wallet words are lost and you should avoid using that wallet for day to day use in the future.

Recover a Bitcoin wallet @ +1-855-785-2511

If your computer is lost, stolen or damaged, or you accidentally delete your MultiBit HD information, then you will need to recover Bitcoin wallet. For more information call @ +1-855-785-2511 or visit @ www.bitcoinsupport.co .

Step1 – Locate your wallet words

To restore your wallet and recover your Bitcoin, you must have your wallet words.

Step 2 – Locate your wallet backup folder

A wallet backup is an encrypted copy of your Bitcoin wallet. Provided you know your wallet words you can use a wallet backup to recover, in addition to your Bitcoin:

your contacts and notes,

your payment history and notes,

The currencies and exchange rates used in payments.

If you followed the instructions in the getting started guide then you created a cloud backup service that continuously uploaded your encrypted wallet files to a server somewhere in the cloud. Locate the folder on your computer that is now a copy of your cloud backup folder.

If you don’t have a backup but you do have your wallet words then you will be able to recover your Bitcoin and any transactions present on the block chain. However, without a wallet backup, you will not be able to restore all the extra information such as contacts, notes, payment history, currencies and exchange rates.

Step 3 – Start the restore process

From the unlock screen click the “Restore” button and follow the instructions on the MultiBit HD screen.

Frequently asked questions

If I lost my wallet words why can’t I recover my Bitcoin with just a backup?

Because if you could, anyone could. If your cloud-based backup leaked out of the cloud and onto a thief’s computer, the thief could steal all your Bitcoin.

To restore your wallet, and recover your Bitcoin, you must have your wallet words.

Disclaimer:

Bitcoinsupport.co is an independent online technical support provider website offering remote tech support Bitcoin services like buy bitcoins, choose a bitcoin wallet for third party brands, products, and services. We offer paid support assistance for Bitcoin services with which we have no direct or indirect affiliation unless such relationship is expressly specified. Our web site may not always be operational or free of functional defects. We disclaim any liability in connection with any actions taken or not taken based on any of our web site’s content.